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Mongolia Coal Update
17:59 EDT Wednesday, July 11, 2007
TSX V. GMG
VANCOUVER, July 11 /CNW/ - Robert L. Card, President of Gulfside Minerals Ltd., (the "Company"), reports that the Company has engaged Norwest Corporation ("Norwest"), of Salt Lake City, Utah, a world leader in coal consultancy, to provide consulting services regarding the exploration and evaluation of the Erdenetsogt coal project located in the South Gobi region of Mongolia. Norwest has extensive coal experience in Mongolia including completing a feasibility study of the Tavan Tolgoi coal deposit, providing advisory services to the operating coal mines at Shivee Ovoo and Bagaa Nuur, and overseeing coal exploration programs in Mongolia for other multi-national mining and exploration companies, including South Gobi Energy Resources Ltd., (TSX-SGQ), majority owned by Ivanhoe Mines Ltd., (TSX-IVN).
The scope of the work is to conduct the initial NI 43-101 compliant report on the Company's newly optioned Mongolian coal deposit located in the South Gobi region, about 430km SW of Ulaan Baatar, Mongolia. The stated objective is to verify (and expand) the historical resource of 550,000,000 tons and to provide a current mineral resource estimate. Given that the coal seams are 41.5 meters to 94.6 meters thick, we expect that a modest drill program will accomplish the objectives. None of the historical resources referred to are current resources that meet National Instrument 43-101 disclosure standards. A qualified person has not done sufficient work to classify any of the historical estimates as current mineral resources, and the estimates should not be relied on. The Company has already initiated a drill program of two holes to expand upon the presently known data and update the data for the NI 43-101 report. Location of the next holes will be decided after review of the first hole. (See Company News of June 26th, 2007.)
The first round of work is expected to be completed within 45 days with a preliminary report to follow thereafter.
The Company is investigating the implementation of clean coal technologies as in the development of a coal generating power plant to benefit all of its stakeholders. As the Company increases its resource base, it plans to pursue the additional application of Coal-to-Liquids (CTL) technology to convert a portion of its resources into low-sulphur diesel, gasoline and naphtha. Dr. Marc Bustin, PhD, P.Geo., a member of the Company's Advisory Board and a Qualified Person as defined by NI 43-101, supervised preparation of the technical information in this news release.
The Company also reports that it has granted 360,000 Incentive Stock Options under its Stock Option Plan to consultants and employees at a price of $1.09 for a period of five years. The options are subject to approval by the TSX Venture Exchange and will vest quarterly over the next nine months.
On behalf of the board of directors,
Gulfside Minerals Ltd
"Robert L. Card"
Robert L. Card
Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning GMG's planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although GMG believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian securities regulators.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this news release
For further information: Suite 1102, 475 Howe Street, Vancouver, B.C., V6C 2B3, Canada, Telephone (604) 687-7828, Facsimile (604) 687-7848, www.gulfsideminerals.com